(Yicai Global) Feb. 20 -- The average mortgage rate for first-time homebuyers in China declined for a second month in a row in January, the latest figures show.

The mean rate was 5.66 percent last month, down from 5.68 percent in December, when it dropped for the first time in 23 months, according to data from online loan search platform Rong360's Big Data Institute. January's figure was 1.155 times the country's benchmark lending rate.

The mortgage rate fell in seven cities, compared with 17 in December, with levels in Beijing and Wuhan, in central Hubei province, falling for a second month. The capital usually reflects market moves earlier since it is more sensitive to policy changes and the market, while the rate in Wuhan is likely to remain downward since it started out at a higher level, said Rong360 researcher Li Weiyi.

Rates for first-time homebuyers in the big four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen were between 5.09 percent and 5.57 percent in January. Beijing was 2 basis points lower than the previous month at 5.43 percent, with rates in Shanghai, Guangzhou and Shenzhen at 5.09 percent, 5.55 percent and 5.57 percent, respectively, all unchanged from the prior month.

The national average mortgage rate for second-time homebuyers was 6.02 percent, down 2 points from December, marking a third consecutive month of declines.

Bank loans will remain ample judging by current liquidity and central bank policy, which may drive further declines in the mortgage rate, Rong360's Li said. Generally speaking, borrowing costs for first-time homebuyers will fall further, but the timing and degree will vary from city to city, he added.